What role does utility play in the economic model of consumer behavior? When modeling consumer behavior, utility A. identifies the consumer who receives the most satisfaction from consuming a particular set of goods and services. O B. provides an objective measure of satisfaction from consuming a particular set of goods and services in units called "utils." O C. identifies the combination of goods and services that is least expensive. D. identifies the combination of goods and services that can be produced most efficiently. O E. reflects the enjoyment a consumer receives from consuming a particular set of goods and services. O 00 0O

What role does utility play in the economic model of consumer behavior? When modeling consumer behavior, utility A. identifies the consumer who receives the most satisfaction from consuming a particular set of goods and services. O B. provides an objective measure of satisfaction from consuming a particular set of goods and services in units called "utils." O C. identifies the combination of goods and services that is least expensive. D. identifies the combination of goods and services that can be produced most efficiently. O E. reflects the enjoyment a consumer receives from consuming a particular set of goods and services. O 00 0O

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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As more of a good is consumed in a given period, its... total utility remains constant total utility decreases then increases O marginal utility decreases O marginal utility increases
Multiple choice question :
26. Danny has $12 to spend on two goods: pies and soda. The price of a pie is $4, and the price of a can of soda is $2. To maximize his utility, Danny buys A) the combination that gives him equal total utility from pies and soda B) 2 pies and 2 cans of soda C) oniy sodas because they are iess expensive D) the combination that gives him the same marginai utility per doillar spent on pies as on soda
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